Tennessee Real Estate Practice Exam

What is the timeframe for cancellation of a timeshare contract if the property was not viewed in person?

1. 10 days

2. 15 days

3. 30 days

4. 60 days

The correct answer is: 15 days

In Tennessee, the timeframe for cancellation of a timeshare contract when the property was not viewed in person is indeed 15 days. This provision is part of the regulations that protect consumers in timeshare transactions. The rationale behind this is to allow consumers a reasonable opportunity to reconsider their purchase decision, especially in scenarios where they may have made a commitment without the ability to assess the property firsthand. The 15-day period provides a safeguard, acknowledging that consumers may need time to evaluate the value and benefits of the timeshare. It ensures that individuals are not locked into a contract that they may regret, particularly when they haven’t had the chance to see the property or understand fully what they are committing to. This helps in maintaining transparency and trust in real estate transactions involving timeshares, allowing potential buyers the chance to back out if they feel it is necessary.